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Quarterly Report For The Financial Period Ended 31 December 2017

Financials Archive

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Unaudited Condensed Consolidated Statements Of Comprehensive Income
For The Financial Period Ended 31 December 2017

Unaudited Condensed Consolidated Statements Of Comprehensive Income


Unaudited Condensed Consolidated Statements Of Financial Position
As At 31 December 2017

Unaudited Condensed Consolidated Statements Of Financial Position

Review of Performance for the Current Quarter and Financial Year-to-date

The Group total revenue decreased from RM15.92 million to RM3.91 million in the current quarter compared to the preceding correspondence quarter. The tremendous decreased in the Group total revenue is mainly due to the sharp decline in the online games segment.

The Group recorded a loss before taxation of RM18.31 million in the current quarter compared to a profit before taxation of RM1.10 million in the correspondence quarter a year ago. This is mainly due to recognition of potential impairment of trade receivables of RM8.61 million and a non-cash impairment loss of RM9.89 million against the goodwill derived from the acquisition of the online games segment. The impairment loss of RM9.89 million is mainly resulted from a downward revision in the discounting future cash flows primarily due to the sharp decline in revenue with the accelerated competition in the online games market.

The year to-date revenue increased by 4.75% from RM56.88 million to RM59.58 million compared to a year ago. This increased of revenue was mainly derived from the increase of RM3.08 million in the IT business segment.

Although the Group recorded a marginal increase of year-to-date revenue of 4.75%, the Group still recorded a loss before taxation of RM18.67 million compare to a profit before taxation of RM1.13 million in the previous year-to-date. This is mainly due to the recognition of potential impairment of trade receivables of RM8.61 million and impairment loss of goodwill of RM9.89 million.

Performance of the respective operating business segment for the current quarter and financial year-to-date is analysed as follows:-

  1. IT Business

    Revenue of the IT business segment in the current quarter was RM4.96 million compared to RM3.74 million in the correspondence quarter a year ago, a jump of 32.62%. The huge jump in revenue in the current quarter has resulted a profit before taxation of RM0.67 million compare to a profit before taxation of RM0.06 million a year ago. e new IT implementation projects has improve the revenue as well as maximize the utilization of the manpower and hence, derived higher profit margin in the IT Business Segment.

    The revenue in the current financial year-to-date jumped from RM11.36 million to RM 14.44 million, an increase of 27.11% compared to the correspondence year-to-date a year ago. The segment has turnaround with the profit before taxation of RM0.64 million in year-to-date compared to a loss before taxation of RM0.68 million in the preceding correspondence year-to-date. This is mainly due to the new IT implementation projects secured in second half of the year which help to maximize the utilization of the manpower and hence, derived higher profit margin.

  2. Online Games

    Revenue of the online games segment in the current quarter was RM5.36 million, a sharp decline compared to the correspondence quarter of RM12.18 million. This is mainly due to the stiff market competition starting October 2017. Moreover, there is a one-off reversal of revenue in different country erroneously included by the principal in territories belong to us totaling of RM7.06 million.

    Revenue in the current financial year-to-date maintain at RM45.14 million. Although the 12 months revenue remained at the level of RM45.14 million, the online games segment reported a year-to-date loss before taxation of RM9.42 million compared to a profit before taxation of RM1.82 million in the preceding year corresponding year-to-date. This is mainly due to the recognition of potential impairment loss on trade receivables of RM 8.61 million in the current year to date whereas a recoverable of impairment loss of trade receivables of RM1.30 million was recorded in the preceding year corresponding year-to-date.

Future Prospects

The business environment of the Group remain challenging and competitive in the year 2018. The management will continue to explore new business opportunity in both IT and Online Games segments to remain positive in 2018.